Kolter Multifamily Nabs $92 Million for Delray Beach Rentals

Kolter Multifamily kicked off construction of its Live Local Act apartment project Alton Delray after landing $91.7 million in financing, records show.

The Delray Beach-based developer scored the loan from U.S. Bank for the 386-unit multifamily development planned at 2101 South Congress Avenue in Delray Beach. Forty percent of the apartments, or 155 units, will be dedicated to workforce housing under Florida’s Live Local Act.

A Kolter entity paid $21.9 million in 2024 to acquire the 12.3-acre industrial-zoned site from the George T. Elmore Trust, records show.

The Live Local Act allows developers to build multifamily projects on commercial sites without seeking rezoning, as long as at least 40 percent of the units are reserved for households earning up to 120 percent of area median income. The median household income for Palm Beach County is $107,600, according to the U.S. Department of Housing and Urban Development.

The project’s 386 apartments will be built across five mid-rise buildings totaling 460,000 square feet. Planned amenities include a clubhouse, pool, walking trail and dog park, along with 740 parking spaces, including a 220-space garage.

Units will include studios to three bedrooms ranging from under 600 square feet to 1,400 square feet, averaging 950 square feet.

The first apartments are expected to be completed in late 2027, according to the company.

Kolter Multifamily Managing Director Steve Perez said the firm is pursuing two to three other affordable housing developments in South Florida, though details remain under wraps.

The company has other “Alton” projects under development across South Florida, including Alton Cutler Bay, a 330-unit apartment complex planned as part of a mixed-use project anchored by Publix in Princeton. It has 85,000 square feet of retail space, a 46,000-square-foot Baptist Health emergency center and medical offices. Tenants include Starbucks, Wendy’s, PNC and Chipotle. The developer is also planning Alton Biscayne, a 336-unit apartment project in North Miami with a 12-story residential tower, a seven-story parking garage topped with amenities including a pool and clubhouse, and eight townhome-style flats.

Alton Central Park in Port St. Lucie was completed in 2023, and over half a dozen “Alton” projects are in the works across Florida, according to the company’s website.

Kolter Multifamily is a division of The Kolter Group, which is also an active homebuilder in South Florida.